Monday, July 2nd, 2018


TA Enterprise receives MGO from co-founder

PETALING JAYA: TA Enterprise Bhd has received a conditional mandatory general offer (MGO) from co-founder and chairman Datuk Tiah Thee Kian for 66 sen per share after shares held by him and persons acting in concert (PACs) increased to trigger the 33% MGO threshold.

Thee Kian acquired an additional 0.84% stake in TA Enterprise from the open market between June 25 and July 2, with prices between 61 sen and 66 sen, bringing his shareholding to 32.62% from 31.78%.

With the 0.46% stake held by PACs, Thee Kian and and PACs saw their shareholding rise to 33.08%.

The PACs include managing director and CEO Datin Tan Kuay Fong, Kimmy Khoo Poh Kim, Tiah Sook Lin, Tiah Ee Laine, Datuk Tiah Thee Seng and Ong Khay Soon.

The 66 sen offer price represents a 3.58% premium against the five-day volume weighted average price of 63.72 sen per share.

TA Enterprise said the board will appoint an independent adviser to advise the company and shareholders on the reasonableness of the offer.

“The announcement of the appointed independent adviser will be made in due course.”

The offer will remain open for acceptances until 5pm on the 21st day after the posting date.The offeror intends to maintain the listing status of TA Enterprise.

Trading in TA Enterprise shares was suspended from 10.32am yesterday pending the material announcement. The stock was last traded at 66 sen.

02/07/2018 21:49:39

Takeover offer for Petaling Tin not fair but reasonable: InterPac

PETALING JAYA: Independent adviser Inter-Pacific Securities Bhd views the takeover offer for Petaling Tin Bhd as “not fair” but “reasonable”.

Petaling Tin shareholders are advised to accept the offer as the offeror already holds about 90.002% and there is no intention to take any steps to address the shortfall in the public shareholding spread, which will lead to trading suspension by Bursa Malaysia immediately upon the expiry of five market days from the closing date.

Last month, Petaling Tin’s largest shareholder Tan Sri Chen Lip Keong launched a takeover offer for RM13.83 million or 40 sen per share.

Inter-Pacific opined that the offer price is not fair, as it represents a discount of 65 sen to 66 sen or about 61.9% to 62.26% to its revalued net asset value range of RM1.05 to RM1.06.

The offer however, is reasonable given that the offer price represents a premium ranging from 3.1 sen to 10.7 sen or about 8.4% to 36.52% over the last traded market price and the five-day, one-month, three-month, six-month and 12-month volume weighted average prices of up to May 30.

It is also noted that its market prices have not closed above the offer price for the past three years.

The offeror does not intend to maintain Petaling Tin’s listing status on the Main Market of Bursa Securities. The offer will be closed at 5pm on July 12.

Petaling Tin’s share price closed unchanged at 39.5 sen with 317,900 shares changing hands.

Asia Brands to raise funds via rights issue, private placement

PETALING JAYA: Asia Brands Bhd is looking to raise up to RM63.97 million through its proposed renounceable rights issue and private placement exercises.

The group told Bursa Malaysia, the rights issue exercise involves an issuance of up to 116.32 million new shares at an issue price of 35 sen per rights share on the basis of one right share for every one share held.

The rights issue is expected to raise gross proceeds of between RM30.15 million and RM40.71 million, which will be used for the repayment of its RM40 million Islamic medium-term notes (IMTN) (Tranche 1, Series 3) due on March 16, 2019.

The IMTN repayment is expected to result in an estimated interest saving of up to RM2.44 million per annum. Asia Brand’s total outstanding IMTN stands at RM90 million.

Meanwhile, the group will issue up to 46.53 million new shares, representing up to 20% of its enlarged issued shares, for a private placement exercise, upon completion and assuming full subscription of the rights issue.

The placement shares are for independent third party investors to be identified at a later date.

Based on an indicative issue price of 50 sen per placement share, the private placement is expected to raise gross proceeds of up to RM23.26 million to repay the remaining balance of RM10 million of the RM40 million IMTN (Tranche 1, Series 3) and partly repay the RM20 million IMTN (Tranche 1, Series 4) due on March 16, 2020.

Nissan calls off potential US$1b sale of battery unit to China’s GSR

TOKYO, July 2 — Nissan Motor cancelled a potential US$1 billion (RM4.05 billion) sale of its electric car battery unit to China’s GSR Capital, and while the automaker said it still aimed to find a buyer, analysts feel it could be a hard sell as…

Golden Palm hires consultant for estate sale

KUALA LUMPUR: Golden Palm Growers Bhd has appointed financial consultant, Grant Thornton Consulting Sdn Bhd (GTC), to conduct a tender exercise for its estate in Gua Musang, Kelantan, eight months into the year it has to divest the estate.

GTC will be conducting a public tender exercise for a period of six weeks, with a further two weeks to evaluate the tender bids, commencing June 30.

“Due to the confidential and price sensitive nature of such a public tender exercise, the management company will not, during this period, be issuing any statements until the close of the public tender and its bids evaluated,” the company’s management said in a statement.

On Oct 2 last year, 98% of investors of the second oil palm grower scheme to be wound up in four years, voted to give the management a 12-month grace period to find a suitable buyer to get an “optimal realisation” for the plantation. The other option was an immediate sale of the plantation, which could result in a lower sale price.

According to one investor contacted by SunBiz in March this year, a letter from the management company in January 2018 said the plantation has been actively promoted to both local and overseas parties and a local estate agency was appointed to promote the sale of the plantation.

The scheme’s management company, tagged the valuation of its 11,000-acre plantation in Gua Musang at RM232.8 million, an increase of RM10.8 million from the valuation that was obtained in June 2017.

Golden Palm Growers executive chairman Datuk CRS Paragash previously said the company will not be taking anything from the final net sale proceeds until it has returned 100% of capital to investors, as well as the payment of the 2017 net yield. The management holds a 40% interest in the scheme.

The company also said that its action committee will be authorised to approve all proposals for the plantation that allow investors to get back 100% of their initial investment, while proposals that will return less than 100% will be open to investors’ review and vote.

Blockchain Regulatory Research Report launch on Thursday

PETALING JAYA: University of Malaya’s Faculty of Law and Quanta RegTech Capital Plc (QRC Plc) have collaborated to produce the Blockchain Regulatory Research Report, the first of its kind in the region, in a bid to delve deep into the legal issues surrounding the proliferation of the technology.

The QRC Group founded QRC Ventures in 2017which focuses investments on two key types of projects: RegTech products that have potential blockchain use cases, and blockchain projects that have potential RegTech use cases.

The aim of the 242-page report is to build the foundation for a compliant blockchain ecosystem in Malaysia and provide an unprecedented analysis on the legal issues arising from this transformative technology and key recommendations for public and private blockchain stakeholders.

The research team is comprised of project leader Nur Husna Zakaria, Dr Sherin Kunhibava, Dr Ershadul Karim, Raphael Kok, Prof Abu Bakar Munir, assisted by Thong Ming Sen and Ridoan Karim.

The launch ceremony and a forum will be held on July 5 at the Renaissance Hotel, Kuala Lumpur.

The event will be officiated by Department of Standards Malaysia, Ministry of Science, Technology and Innovation director-general Datuk Fadilah Baharin, while University of Malaya vice-chancellor Datuk Abdul Rahim Hashim and the Dean of the Faculty of Law Associate Professor Dr Johan Shamsuddin Sabaruddin, are to give keynote speeches.

SSM online services still down, no explanation provided

PETALING JAYA: Three days after Companies Commission Malaysia (SSM) denied that its online service were down, checks by SunBiz showed that services on SSM e-info website were inaccessible as at press time today.

“Sorry! Our cables are temporarily disconnected. Please hold on while we rectify the issue”, read the banner on the commission’s homepage.

SSM did not respond to requests for clarification as at press time.

SunBiz’s attempts to purchase company records through SSM’s e-info service were unsuccessful. Meanwhile, calls made to the e-info hotline 1300-30-4636 pertaining to account login issues, were unattended.

On Friday, SSM denied the report of an online news portal which claimed that the company profile service has been suspended.

“SSM would like to deny the claims made in the article. To set the record straight, SSM currently engages two service providers named Raffcomm Sdn Bhd and Big Dataworks Sdn Bhd to supply SSM corporate information to the public.

Raffcomm Sdn Bhd provides its service via e-info portal while Big Dataworks Sdn Bhd provides its service via MyData portal,” SSM said in response to the portal’s report.

“Company profile of all companies and business entities in Malaysia can still be purchased by the public through both service portals. It was never suspended and the public can continue to buy information freely,” it added.

SDB buys land in District 13, Singapore

KUALA LUMPUR, July 2 — Selangor Dredging Berhad (SDB) has entered into an agreement to purchase via Tiara Land Pte Ltd, a 50 per cent-associated company of SDB International Sdn Bhd, 17 parcels of land from individual landowners for a sum of…

CPO prices rebound on renewed buying interest

KUALA LUMPUR, July 2 — The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded from last Friday’s trading to end mostly higher today, supported by renewed demand for the commodity. Phillip Futures Sdn Bhd…